New York-based multistate marijuana operator Columbia Care said Thursday it struck a deal to acquire Southern California medical and recreational cannabis store The Healing Center San Diego for approximately $15 million.
The purchase, which will expand Columbia Care’s retail presence in California, will be paid with $3 million in cash, $6 million in stock and $6 million in seller promissory notes.
In California, Columbia Care now has:
- Three stores and one cultivation facility in Los Angeles.
- Two retail outlets and one manufacturing facility in San Diego.
- Several acres of outdoor cultivation capacity in Desert Hot Springs.
- One store in San Francisco.
“Expanding the retail footprint in our operational markets enhances scale, improves consumer access, leverages Columbia Care brands, drives margin expansion through the supply chain and delivers outsized shareholder returns,” Columbia Care CEO Nicholas Vita said in a statement.
The company has been expanding its portfolio recently, including acquiring Mid-Atlantic cannabis company Green Leaf Medical for $240 million in December.